Singapore firms urged to go for quality growth amid manpower constraints

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Foreign Affairs and Law Minister K Shanmugam has urged Singapore businesses to go for quality growth to tackle the challenge of growing manpower constraints.

Speaking at the Deloitte’s Global Tax Conference on Wednesday, he said it is not viable for Singapore to keep increasing manpower at the same rate as in recent years.

Mr Shanmugam said: “The individual perspective assumes you can keep growing with more and more input of labour, without any constraints on land.

“We have to take the hard position and say that we accept that we have to cut back on the factor of input of labour, because it’s not sustainable to keep growing at this rate. We have to try and go for quality growth.

“That’s a nice catch phrase but for a lot of people, without additional labour, quality growth would not be possible. But these are the trade-offs we have had to make.”

He also addressed questions about Singapore being seen as a ‘tax haven’, especially for tax evasion.

Mr Shanmugam said Singapore has a fundamentally clean system, with robust safety mechanisms to protect against money laundering.

Banks are also required to get to know clients and their sources of funds.

Mr Shanmugam also expressed his bullish outlook on regional integration efforts through the ASEAN Economic Community.

He said that significant diversity within the grouping may pose challenges in the near-to-medium term.

However, he believes the economic potential for integration is substantial.

Mr Shanmugam said: “600 million people in a geographically defined area, sitting between three large economies — India, China and Japan — second largest, third largest, and India among the top 10 economies in the world.

“So you actually have four major blocs — India, ASEAN, China, Japan — huge potential. And if you integrate Australia, which is another G20 country, also $2 trillion, we’re talking about very substantial synergies, which is why ideas like the TPP (Trans-Pacific Partnership) make a lot of sense.”





Source : Channel News Asia | April 9, 2014


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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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